The takeover of CEC is Fexco’s largest deal to date in the UK, where it has previously acquired four other businesses. Fexco, owned by founder Brian McCarthy and his family, announced the acquisition of CEC last week but the terms of the deal were not disclosed.

CEC made £2m profit in the financial year to the end of March 2015, bringing accumulated profits to £6.3m, according to its latest accounts. Industry sources said Fexco was likely to have paid £15m-£20m for CEC, which was founded in 1999 with one outlet.

Fexco has been making a big push into foreign exchange in the UK, particularly since the acquisition of No 1 Currency, an Edinburgh-based company, in 2012. It bought Intercash Bureau de Change in 2014.